VI DAILY NEWS: PFA clears funding for St. Croix stadium, V.I. Next Generation Network

VIPFA-logoThe Virgin Islands Public Finance Authority (PFA) indicated at recent meeting that it will move to provide funds to support the expansion of the Virgin Islands Next Generation Network, Inc. (viNGN), as well as assist with the design and costs for the Paul E. Joseph Stadium on St. Croix.

The group has approved the refunding of the $260 million 2003 Gross Receipts Taxes bond series towards these efforts.

viNGN stands to benefit from up to $9 million from the refunded bonds, to assist with facilitating greater broadband connectivity in the territory. President and CEO Larry Kupfer notes that the network seeks to offer access to its all fiber-optic network to Internet Service Providers (ISPs) but does not sell directly to customers.

“Basically, we have an unlimited capacity,” Kupfer said, indicating that agreements are already in place with nine local providers, with the intention of adding several more to the slate. “The network is lit, and we’re servicing the people, and there’s more work to follow.” Currently over 300 government stations are connected to the new infrastructure.

The Virgin Islands Next Generation Network (viNGN) was established in 2010 as a public corporation; it is a wholly owned subsidiary of the Virgin Islands Public Finance Authority. viNGN was funded primarily from a grant by the National Telecommunications Information Administration (NTIA) as part of a federal program to improve the broadband capacity in the United States, its territories, and the District of Columbia.The program is called the Broadband Technology Opportunities Program (BTOP).

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